Ford May Be Preparing to Unload Volvo
Struggling automaker would reverse earlier decision in push for cash
By Evelyn Renold,  Newser User
Posted Jul 15, 2007 1:07 PM CDT
A Volvo XC60 Concept presents during an International Motorshow at the Athens old airport on Friday, May 11, 2007. Every two years more than 35 manufacturers and 250 companies take part in the auto show....   (Associated Press)
camera-icon View 1 more image

(Newser) – Faced with large losses and sagging sales in North America, Ford is ready to consider offers for its Volvo division, insiders say. As recently as two weeks ago, the company insisted that  Volvo was not for sale, the New York Times reports. Already on the market are two other Ford luxury divisions, Land Rover and Jaguar.

The company needs to come up with some cash. It lost $12.6B in 2006, and sales are down 11.1 % this year. It has also fallen to third place in the American market, behind Toyota. Sales of Volvo are also trending downward in the US, and sources say it's not yet clear who would want to buy the division. Ford purchased it for 6.5B in 1999.